The Nigerian National Petroleum Company Limited (NNPCL) said it has jointly signed a commitment letter with Afreximbank for an emergency $3 billion “crude oil repayment loan” which will stabilize the volatile foreign exchange market.

The NNPCL in a statement on its website said the signing, which took place on Wednesday, August 16, 2023 at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement which will enable it to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.

The Acting CBN Governor, Folashodun Shonubi, had on Monday noted that the apex bank will ‘take measures’ which will impact currency markets in a couple of days after meeting President Bola Tinubu to discuss ways to improve dollar liquidity on the official market.

But did not give details.